Sensex loses 50 points

Brokers said the sentiment was affected mainly due to squaring up of positions by bulls but Sensex had gained during most part of the session thanks to incessant buying by foreign funds in stocks of ACC, Larsen and IT shares like Silverline and Zee Telefilms and others.

Reports that FII investment in Indian markets had crossed the 10 billion mark since December 1992 had positive impact on the market sentiment.

However, the buying was selective and confined to current favourites such as softwarecomputer and cements stocks. Operators were also concerned at the way prices of infotech sector stocks are soaring.

Meanwhile, the market favourite quot;Infosys Techquot;, initially breached the magical 10,000-mark to touch life-time high of 10,110 at the onset owing to hectic buying on favourable overseas news. However, heavy profit-taking later emerged and the share closed at Rs 9900.00, showing a loss of Rs 20 over Thursday8217;s levels. Total turnover during the day was Rs 3542.47 crore shooting up considerably from yesterday8217;s turnover of Rs 2692.18 crore.